Which of the following may be deductible?
a. Bribes that relate to a U.S. business.
b. Fines paid for violations of the law.
c. Interest on a loan used in a hobby.
d. All of the above.
e. None of the above.
c
RATIONALE: Choices a. and b. are not deductible. Interest incurred in connection with a hobby may be deductible, depending on the amount of the gross income from the hobby and the application of the 2%-of-AGI floor.
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